FinTech Weekly - Fintech News Issue #353

Issue #353 - FinTech Against War

2022-03-03

In this FinTech Weekly Newsletter you will inevitably find many titles related to the actual conflict between Russia and Ukraine. Fintech, once again, shows its power and resiliency: while entrepreneurs find new ways to help everyone to control their financial lives - have a look at what Yasaman Hadjibashi and Keith Armstrong are doing; and popular firms like eBay want to get closer to financial technology, in this moment the whole fintech community is supporting all those people directly affected by the conflict - and it supports them in a pragmatic way. For this reason, we want to let our readers know what our community is doing, and not only through fintech news, but also by indicating major fintech conferences that will help you to be a part of this community. In this number, you’ll be able to discover two valuable fintech conferences - the World FinTech Forum - London, and the Futures Branches - Boston, just by following our links. And to stay on top of global fintech news, FinTech Weekly chose the most important facts and opinions of the past seven days.

Top Stories

Russian Billionaire Behind Revolut Fintech App Publishes Anti-War Letter
Russian Billionaire Behind Revolut Fintech App Publishes Anti-War Letter
via Forbes

Nik Storonsky, the Russian co-founder of the fintech firm Revolut, published a letter on the company website, highlighting his personal and business ties to Ukraine and showing his support to both nations.

Binance Donates $10,000,000 to Ukraine, Raises Millions More in Emergency Relief Fund
Binance Donates $10,000,000 to Ukraine, Raises Millions More in Emergency Relief Fund
via The Daily Hodl

The largest crypto exchange, Binance, is donating $10 million to assist Ukranians: the company announced that these funds will be channeled through international organizations and NGOs.

Podcasts & Videos

This is a tremendous community and it’s not getting services it needs’
This is a tremendous community and it’s not getting services it needs’
via American Banker

Penny Crosman, host of the American Banker podcast, welcomes Yasaman Hadjibashi and Keith Armstrong to discuss their innovative fintech company: these two entrepreneurs founded a fintech firm to help people with a conviction history.

Crypto

eBay to add crypto payment options soon, says CEO
eBay to add crypto payment options soon, says CEO
via CoinTelegraph

In a recent interview, Jamie Iannone, CEO of eBay, announced that the company wants to attract more Gen Zers and Millennials, and for this reason eBay seems about to start a new adventure in the upcoming weeks: adding cryptocurrencies as a payment method on the platform.

Crypto Donations Pour in After Ukraine Government Asks for Bitcoin and Ether — $17 Million Raised so Far
Crypto Donations Pour in After Ukraine Government Asks for Bitcoin and Ether — $17 Million Raised so Far
via Bitcoin.com

After the tweets of the Ukrainian government official account, the crypto community replied to their requests donating over $17 million in cryptocurrencies - especially Bitcoin, Ether and USD-pegged stablecoins.

FinTech

Opinion: Congress can deliver a big win to consumers and small businesses by giving fintech firms room to grow
Opinion: Congress can deliver a big win to consumers and small businesses by giving fintech firms room to grow
via MarketWatch

Penny Lee, CEO of the Financial Technology Association, discussed why the Fed should support fintech firms as it does with traditional banks - this will benefit customers and the entire country, allowing for lower fees and frictionless financial activity.

Russia's Ukraine invasion and the fintech industry
Russia's Ukraine invasion and the fintech industry
via Axios

Lucinda Shen writes about the impact the conflict is having on the fintech space - especially because many CEOs, founders, investors and crypto executives are either Ukrainian or Russian. Many fintech firms are trying to respect sanctions and others are taking sides, but where will all this lead?

UK fintech Wise restricts payments amid Russia’s invasion of Ukraine
UK fintech Wise restricts payments amid Russia’s invasion of Ukraine
via UKTN

Following sanctions, the UK fintech Wise blocked money transfers to Russia. On the other hand, and even if it’s always harder, the company is still allowing transfers to Ukraine and wants to remove the Ukraine cap as soon as possible.

Banking

The Growing Domination Of Chime, Square Cash App, And PayPal In Checking Accounts
The Growing Domination Of Chime, Square Cash App, And PayPal In Checking Accounts
via Forbes

Ron Shevlin shares Cornerstone Advisors data and focuses our attention on a particular point: fintech firms are becoming the first choice when it comes to open checking accounts.

Innovation

Swedish challenger Rocker introduces fingerprint sensor biometric payment card
Swedish challenger Rocker introduces fingerprint sensor biometric payment card
via Fintech Futures

The “challenger bank” Rocker introduces a new card in partnership with two other firms: IDEX Biometrics and Idemia. Instead of needing a PIN code, this card - certified by Visa and Mastercard - allows users to confirm payments via their fingerprints.

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